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Many people don’t know that a whole life insurance policy can be a source of income for retirement. With a whole life policy, your premiums don’t change, and coverage lasts for the rest of your life. Whole life policies also accrue “cash value” over time, because a small percentage of the premium that you pay for insurance costs goes into a savings account that earns interest. The rate of return varies from company to company, and the cash value of the policy can be withdrawn as an additional source of retirement income. If the amount withdrawn doesn’t exceed the amount you’ve paid in premiums, that money will be tax-free. Of course, withdrawing these funds will reduce the death benefit to your beneficiaries, and withdrawing any dividends earned could be taxed as income. Before deciding whether a whole life policy is right for you, you should understand all your options by speaking with a financial professional. To learn more about smart retirement savings strategies, give us a call, or visit our website today. Benny Levy 303-946-8992 [email protected]
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A fixed index annuity is a contract between you and an insurance company that may help you reach your long-term financial goals. In exchange for your premium payment, the insurance company provides you with income, either starting immediately or at some time in the future. Most fixed index annuities have two phases. First, there’s an accumulation phase, during which you let your money earn interest. This is followed by a distribution or payout phase, during which you receive money from your annuity. Your annuity can earn a fixed rate of interest that is guaranteed by the insurance company, or an interest rate based on the growth of an external index. With a fixed index annuity, you defer paying taxes on your contract’s interest until you receive money from the contract. This tax deferred growth in your asset can really add up. These annuities provide for additional growth in value by sharing in stock market growth, often without market risk. Fixed index annuities vary in their benefits depending on the company offering them. To understand which fixed index annuity may be right for you, give us a call today. Benny Levy 303-946-8992 [email protected] |
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September 2024
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